MGPA has held a first close for MGPA Europe Fund IV with equity commitments of $100 million (€74.3 million). The value-added closed-end fund will be a continuation of the strategy that MGPA employed during the past two years while investing the previous vehicle in the fund series. For the first close, MGPA targeted returning investors, all of whom had previously invested in MGPA Europe Fund III.

“If you are raising a new fund, before you start bringing new investors in the fund, you really have to show that investors who have been in the previous fund are coming back, as testament to the fact that they are happy with what you have done,” notes Laurent Luccioni, MGPA Europe CEO.

The fund will focus on France, Germany, Poland and the United Kingdom to take advantage of current market dislocations and recapitalisations, using a local, operator-style approach.

“When [investors] commit their m